From Bras to Bonds: Blundy’s $700M Bet
Synopsis
The billionaire entrepreneur has acquired Bonds, Bras N Things, Berlei and Sheridan in one of Australia's biggest retail deals.
Australian retail tycoon Brett Blundy has signed to acquire the brands owned by Canadian clothing company Gildan Activewear for A$700 million (US$490 million), putting them under Australian control.
The deal is being done via BBTIF Investments, the acquisition partner belonging to Blundy's associate entity BB Retail Capital (BBRC), and brings Blundy back into the fold of Bras N Things, which he sold to HanesBrands in 2018 for approximately A$500 million.
The purchase is part of a larger acquisition by Gildan of HanesBrands for US$2.2 billion in December, 2025. As part of its portfolio review, Gildan decided to sell its Australian apparel business as a non-core asset during the integration.
Australian Heritage Brands Return to Local Ownership
Brett Blundy Bonds Bras N Things features four mature Australian consumer brands, having a long history in clothes, lingerie and home textiles. The manufacturer of the labels is the US-based company HanesBrands, a former subsidiary of Pacific Brands, which sold the company in 2016.
Later they joined Gildan after HanesBrands' acquisition by Gildan.
It had earlier predicted the annual turnover of the Australian business would be around US$675 million, before deciding to divest the business. The sale proceeds will be applied to credit card debt and to free up capital for the company to concentrate on its main international apparel operations, the company said.
Australia's clothing retail sector is estimated to be worth A$28.3 billion, per IBISWorld data in its Clothing Retailing in Australia Report 2025–26.
According to Euromonitor International data, the total retail sales value of the apparel market was around US$31 billion in Australia in 2025, ranking it amongst the bigger developed countries' apparel markets around the world.
Strategic Portfolio Shift for Both Companies
The acquisition further enhances BB Retail Capital's investment portfolio in consumer and retail businesses with the acquisition of a number of established Australian brands in one transaction. The sale is another move Gildan is making to streamline its business following the HanesBrands acquisition.
Gildan's second quarter 2026 results included net sales of C$1.5 billion from continuing operations, with the first full year of HanesBrands' integration into the group's worldwide business.
The company also announced adjusted operating income of C$174 million and free cash flow of C$326 million and confirmed the Australian business was in its portfolio strategy and had been classified for sale.
The acquisition will restore the ownership of the business to an Australian investor after almost 10 years under foreign ownership, and will be one of the largest retail transactions in Australia in 2026.
Source: Smart Company
Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
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